Internal Solidarity Fund to challenge Covid19 economic recession

Group’s CEO and Top Managers join an internal initiative (Internal Solidarity Fund) through a voluntary pay cut until the end of the year 2020 as a gesture of responsibility for the company and solidarity for other Employees, during the global recession period.

Considering the current situation due to Covid19 emergency and the related implications of the same on the global economy, as a sign of solidarity with all Employees of the Group, Italmatch Chemicals launches an internal initiative ­that involves Group’s CEO, Managers and Employees that voluntarily want to join. From June to December 2020, Sergio Iorio, CEO of Italmatch Chemicals Group will reduce its salary of 30% together with the Top Managers of the Group, committing to a 20% reduction, inviting all the Executives and Employees to join the Solidarity Fund and voluntary agree to a salary reduction until the end of the year or through other solidarity or cost reduction forms to be agreed with the Group CFO and HR.

“Italmatch Chemicals faced the first months of this pandemic resiliently, ensuring business continuity because its productions have been considered strategic in every country. Now, given the current context, the inevitable impact of the lockdowns on the global economy and the slowdown of the overall consumptions and orders leading to global recession, we want to promote an approach based, now more than ever, on responsibility and shared sacrifice among many. Top Managers already agreed to a voluntary salary cut as part of a wider strategy that aims to reduce costs but meanwhile preserve our Assets and Organization: the ultimate aim is to avoid as much as possible layoffs or irreversible cuts in strategic investment. Indeed, human capital and innovation capabilities represent for Italmatch the fundamental assets for its leaderships on the markets, its strength, and its long-term profitability. And we want to focus on them in the next months, in order to “navigate” the recession and come out stronger and more united than before, to restart our growth path, after the Covid 19 economic “storm” ”.

Sergio Iorio, CEO of Italmatch Group

Italmatch Solidarity Fund, announced by the Group’s CEO during a video conference to all Italmatch Employees worldwide, is part of a wider project of initiatives and guidelines developed by the company since the beginning of the pandemic. The project includes strong commitment in safety measures for workforce and Employees, smart working for office Employees, economic incentives and extraordinary measures, from the very first day of emergency, for teams working in manufacturing plants, to guarantee supply security to all customers considering Italmatch’s role in fundamental supply chains (including pharma, cleanings, water desalination) and support to local communities where the company is operating. The “strategic guidelines” of the company during the economic recessions have been shared with all global Employees.

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